Welcome to Extreme Investor Network, where we bring you the latest news and insights from the world of finance and investing. In recent developments, the U.S. Securities and Exchange Commission (SEC) made waves by approving the creation of Ethereum ETFs, the second-largest cryptocurrency, on May 24, 2024. This comes after the SEC gave the green light for Bitcoin ETFs in January 2024, signaling a growing acceptance of crypto assets in traditional financial markets.
On the other hand, South Korea’s Financial Services Commission (FSC) and Financial Supervisory Service (FSS) have been more cautious about embracing crypto asset trading in traditional securities markets. Despite this hesitation, a prominent digital currency data provider in Seoul has spoken out against the ban on digital assets, calling it ‘outdated’ and urging for revisions to better accommodate the rising importance of digital assets in modern finance.
Xangle, a leading Cryptocurrency data provider based in Seoul, highlighted the impact of the SEC’s decision on Ethereum and how it could prompt Seoul’s financial regulators to reassess their stance on digital assets. The push for regulatory changes is not limited to industry players, as Jung Eui-jung, head of the Korean Stockholders’ Alliance, emphasized the need for Seoul to follow in the footsteps of the U.S. by approving Bitcoin and Ethereum ETFs. The current reluctance to embrace digital assets is not only causing frustration within the crypto community but also limiting potential opportunities for investors.
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